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Perp index risk: thinnest mark-price indexes

A perpetual's mark price follows its index, a weighted basket of spot prices. This ranking compares the estimated leveraged positions that would be liquidated within a move of the index with the resting spot order-book depth behind that index. A higher exposure-to-depth ratio means a thinner index relative to the positions that depend on it.

Updated 2026-10-01 18:29ZSource: exchange public APIsModel: static-book v1Times in UTCAs of 18:38 UTC

Static-book estimates from public exchange data. Not a real cost to move any price, not a mark-price forecast, and not trading advice. Read the method and its limits.

Ranked perps
55
coverage ok, fresh2026-10-01 18:29Z
Incomplete coverage
1
50-80% of index weight modelled
Not ranked
20
18 stale · 0 insufficient · 2 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of -2% · Bitget

highest ratio first · top 50 of 55 · times in UTC

Move: +2% (up) · -2% (down)   Size: -2% · -5%   Exchange: All · Binance · OKX · Bybit · Bitget

# Perp Index depth to -2% (est.) Est. liquidation exposure within -2% Exposure-to-depth ratio (est.) Coverage Updated (UTC)
1 Bitget 龙虾USDT $13k $8.6M 690x est. 99% of weightheld fixed: binance_alpha ALPHA_772/USDT
2 Bitget BEATUSDT BEAT $5.3k $1.5M 280x est. 99% of weightheld fixed: binance_alpha ALPHA_451/USDT
3 Bitget MOVRUSDT MOVR $62k $4.2M 68x est. 100% of weight
4 Bitget VELODROMEUSDT VELODROME $23k $1.2M 51x est. 100% of weight
5 Bitget BBUSDT BB $30k $1.3M 43x est. 98% of weightheld fixed: Gate BB/USDT
6 Bitget SYNUSDT SYN $32k $1.4M 43x est. 100% of weight
7 Bitget FORMUSDT FORM $41k $1.5M 36x est. 100% of weight
8 Bitget XVSUSDT XVS $7.3k $260k 35x est. 100% of weight
9 Bitget GPSUSDT GPS $37k $1M 28x est. 98% of weightheld fixed: KuCoin GPS/USDT
10 Bitget LPTUSDT LPT $21k $560k 27x est. 88% of weightheld fixed: OKX LPT/USDT
11 Bitget GIGGLEUSDT GIGGLE $58k $1.5M 26x est. 82% of weightheld fixed: Bitget futures GIGGLE/USDT, Gate GIGGLE/USDT
12 Bitget JOEUSDT JOE $7.8k $200k 26x est. 99% of weightheld fixed: Bitget JOE/USDT
13 Bitget TUTUSDT TUT $62k $1.3M 21x est. 100% of weight
14 Bitget NILUSDT NIL $77k $1.4M 19x est. 97% of weightheld fixed: Binance NIL/USDC
15 Bitget CVCUSDT CVC $21k $390k 19x est. 100% of weight
16 Bitget SOPHUSDT SOPH $34k $620k 18x est. 97% of weightheld fixed: Bitget SOPHNEW/USDT
17 Bitget ACEUSDT ACE $71k $1.2M 16x est. 100% of weight
18 Bitget DEXEUSDT DEXE $71k $1.1M 15x est. 100% of weight
19 Bitget TUSDT T $24k $360k 15x est. 99% of weightheld fixed: OKX T/USDT
20 Bitget CVXUSDT CVX $31k $460k 15x est. 94% of weightheld fixed: OKX CVX/USDT
21 Bitget AUCTIONUSDT AUCTION $23k $330k 14x est. 88% of weightheld fixed: OKX AUCTION/USDT
22 Bitget RAREUSDT RARE $38k $500k 13x est. 100% of weight
23 Bitget BSVUSDT BSV $43k $560k 13x est. 95% of weightheld fixed: Bitget BSV/USDT
24 Bitget GENIUSUSDT GENIUS $84k $1.1M 13x est. 100% of weight
25 Bitget C98USDT C98 $21k $270k 13x est. 100% of weight
26 Bitget SPELLUSDT SPELL $17k $220k 13x est. 100% of weight
27 Bitget CTSIUSDT CTSI $23k $290k 13x est. 100% of weight
28 Bitget FIDAUSDT FIDA $18k $220k 12x est. 97% of weightheld fixed: Bybit FIDA/USDT, KuCoin FIDA/USDT
29 Bitget FLOKIUSDT FLOKI $65k $800k 12x est. 100% of weight
30 Bitget STOUSDT STO $41k $490k 12x est. 100% of weight
31 Bitget AIXBTUSDT AIXBT $32k $380k 12x est. 95% of weightheld fixed: OKX AIXBT/USDT
32 Bitget MAVUSDT MAV $25k $300k 12x est. 99% of weightheld fixed: Gate MAV/USDT
33 Bitget REZUSDT REZ $59k $650k 11x est. 100% of weight
34 Bitget TLMUSDT TLM $31k $310k 10x est. 100% of weight
35 Bitget CHRUSDT CHR $29k $290k 9.9x est. 100% of weight
36 Bitget CUSDT C $92k $900k 9.8x est. 100% of weight
37 Bitget MIRAUSDT MIRA $38k $360k 9.5x est. 100% of weightheld fixed: Bitget MIRA/USDT
38 Bitget RUNEUSDT RUNE $150k $1.3M 8.9x est. 95% of weightheld fixed: KuCoin RUNE/USDT
39 Bitget GUSDT G $76k $660k 8.8x est. 97% of weightheld fixed: Bitget G/USDT, Coinbase G/USD
40 Bitget KERNELUSDT KERNEL $41k $360k 8.7x est. 100% of weight
41 Bitget ILVUSDT ILV $26k $220k 8.4x est. 100% of weight
42 Bitget MANTRAUSDT MANTRA $42k $320k 7.6x est. 100% of weight
43 Bitget FLUIDUSDT FLUID $30k $230k 7.5x est. 100% of weight
44 Bitget ARPAUSDT ARPA $47k $310k 6.7x est. 100% of weight
45 Bitget ERAUSDT ERA $55k $360k 6.5x est. 96% of weightheld fixed: Gate ERA/USDT, KuCoin ERA/USDT
46 Bitget GUNUSDT GUN $54k $310k 5.8x est. 100% of weight
47 Bitget OGNUSDT OGN $38k $220k 5.7x est. 100% of weightheld fixed: Gate OGN/USDT
48 Bitget AVAUSDT AVA $57k $310k 5.5x est. 100% of weight
49 Bitget THEUSDT THE $51k $280k 5.5x est. 100% of weight
50 Bitget ZKCUSDT ZKC $58k $290k 5x est. 97% of weightheld fixed: Bitget ZKC/USDT

Ranked by estimated exposure-to-depth ratio. Static-book estimates from public exchange data. Not a real cost to move any price, not a mark-price forecast, and not trading advice.

Incomplete coverage

50-80% of index weight modelled · not part of the ranking above
Perp Index depth to -2% (est.) Est. liquidation exposure within -2% Exposure-to-depth ratio (est.) Coverage Updated (UTC)
Bitget 10000NEXUSDT NEX $7k $19k 2.7x est. Partial coverage 77% of weightheld fixed: Bitget 10000NEX/USDT, Coinbase 10000NEX/USD

Stale (not ranked)

no position · 18 of 18 shown
Perp Last estimate age Status
Bitget COWUSDT COW 68 min Stale: last estimate is 68 min old. Figures are shown greyed and alerts are paused.
Bitget TRIAUSDT TRIA 68 min Stale: last estimate is 68 min old. Figures are shown greyed and alerts are paused.
Bitget ARKUSDT ARK 68 min Stale: last estimate is 68 min old. Figures are shown greyed and alerts are paused.
Bitget UBUSDT UB 68 min Stale: last estimate is 68 min old. Figures are shown greyed and alerts are paused.
Bitget EPICUSDT EPIC 68 min Stale: last estimate is 68 min old. Figures are shown greyed and alerts are paused.
Bitget AWEUSDT AWE 68 min Stale: last estimate is 68 min old. Figures are shown greyed and alerts are paused.
Bitget MAGICUSDT MAGIC 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget SHELLUSDT SHELL 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget NEOUSDT NEO 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget DYMUSDT DYM 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bitget ORCAUSDT ORCA 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bitget ACTUSDT ACT 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bitget RVNUSDT RVN 4 h Stale: last estimate is 4 h old. Figures are shown greyed and alerts are paused.
Bitget FLUXUSDT FLUX 4 h Stale: last estimate is 4 h old. Figures are shown greyed and alerts are paused.
Bitget USUALUSDT USUAL 4 h Stale: last estimate is 4 h old. Figures are shown greyed and alerts are paused.
Bitget KSMUSDT KSM 4 h Stale: last estimate is 4 h old. Figures are shown greyed and alerts are paused.
Bitget NEWTUSDT NEWT 4 h Stale: last estimate is 4 h old. Figures are shown greyed and alerts are paused.
Bitget ENJUSDT ENJ 5 h Stale: last estimate is 5 h old. Figures are shown greyed and alerts are paused.

Recent constituent divergences

last 24 h · observed · times in UTC

Observed divergence between index sources; no intent is implied. Static-book estimates from public exchange data. Not a real cost to move any price, not a mark-price forecast, and not trading advice.

Method. Every five minutes the sampler reads each watched perp's index composition from the exchange, the spot order books of its constituents, and open interest. Index depth is the resting spot liquidity between the current index and the chosen move, with each exchange's outlier guard applied; constituents we cannot read are held fixed. Liquidation exposure is estimated from open interest with a leverage prior (Hyperliquid positions where published). The ratio is exposure divided by depth. Model sensitivity is not yet calibrated against realised moves, so treat every figure as an estimate. Full method and limits: mark price and index price.

Coverage. Ranked: at least 80% of index weight modelled, books under 15 min and composition under 2 h old. Incomplete: 50-80% modelled. Stale or insufficient perps get no position. Index changes behind these figures: perp index constituent changes.

Index risk ranking FAQ

What does the exposure-to-depth ratio measure?

The estimated liquidation exposure within the chosen move of the index, divided by the static-book depth of the index's spot constituents over the same move. Both halves are estimates from public exchange data. A higher ratio means the index is thin relative to the leveraged positions near it; it is a risk indicator, not a price for moving the index.

Why are some perps missing or in the incomplete group?

A perp is ranked only when at least 80% of its index weight comes from order books we read, its books are under 15 minutes old and its composition under 2 hours old. Between 50% and 80% it is listed under incomplete coverage with the sources held fixed. Below 50%, or with old data, it gets no position.

Is index depth the price to move the mark price?

No. Depth is summed from order-book snapshots that refill in practice, unreadable sources are held fixed, and liquidations follow the mark price, which also depends on the perp's own price and funding basis. See mark price and index price for the method.